Funding you earn now, next payment 02:00 UTC+0.0028%/8h= +3.1% APRnext payment +$0.04 per $10,000 · paid last 24h +0.034%
Price spread now: Hibachi against Polymarket Perps+0.304%7-day average +0.049% · you sell dearer than you buy
Net, funding: paid 7d − costs+$10as in the Funding arb table
Net, price: spread back to 7d avg − costs+$8as in the Price arb table
costs, in and out, $10k−$180.180% of the position
Funding, last 7 days+0.283%+$28 on $10k
+Price spread, last 7 days−0.260%−$26 · spread now +0.304%, 7d avg +0.049%
=Together, before fees+0.023%+ Points / potential airdropHibachi: Active · farm board+$2 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Hibachi is 0.255% dearer against Polymarket Perps than usual: you sell high and buy low: +$26 more if the spread goes back to its 7-day average of +0.049%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Polymarket Perps BTC-USD | 85,420 | 0.0100 | pay 0.0013% / 1h | 39m 42s | $11.0M | $14.3M | 50x |
| Short | Hibachi BTC/USDT-P | 85,679.8 | 0.0128 | get 0.0016% / 1h | 39m 42s | $707K | $7.9M | 30x |
Polymarket Perps BTC-USD
Hibachi BTC/USDT-PFunding history
latest
Range statsloading…
Price spread between the two exchanges
Hibachi against Polymarket Perps. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $5.88
- Price spread: +0.304% → +0.049%
- $25.5
- Slippage, 4 orders
- −$0.98
- Fee Polymarket Perps: 4 bp × 2 orders
- −$8
- Fee Hibachi: 4.5 bp × 2 orders
- −$9
- Net
- $13.4
- Costs to cover
- 0.180%
- Break-even
- from the start
Slippage from Polymarket Perps: live order book, 5 min ago; Hibachi: live order book, 4 min ago.
Cost to enter
taker fee + slippage from the mid, one side; closing costs about the same again| Leg | Half-spread | $10k | $100k | $1M | $5M |
|---|---|---|---|---|---|
| Buy Polymarket Perps live order book, 5 min ago | 0.06 bp | 4.4 bp −$4 | 5.7 bp −$57 | 8.0 bp −$799 | doesn't fit |
| Sell Hibachi live order book, 4 min ago | 0.01 bp | 4.6 bp −$5 | 5.6 bp −$56 | 46.1 bp −$4,609 | doesn't fit |
BTC on 56 venues
lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Phoenix BTC | −0.0144% | 1h | 85,678 | +0.302% | $2.2M | $10.5M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,478 | +0.068% | $8K | $3K | 50x | as long as short |
| BloFin BTC-USDT | −0.0078% | 8h | 85,853 | +0.507% | $415.8M | $658.2M | 150x | as long as short |
| 01 Exchange BTCUSD | −0.0056% | 1h | 85,422.1 | +0.002% | $363K | $2.3M | 50x | as long as short |
| dYdX BTC-USD | 0.0000% | 1h | 85,542 | +0.143% | $16.7M | $21.0M | 50x | as long as short |
| Perpl BTC | 0.0000% | 43m | 85,416 | −0.005% | $523K | $21.3M | 6.7x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,458.2 | +0.045% | $36.5M | — | 200x | as long as short |
| Injective BTC/USDC PERP | +0.0020% | 1h | 85,810 | +0.457% | $341K | $26.9M | 52x | as long as short |
| Aster BTCUSDT | +0.0032% | 8h | 85,526 | +0.124% | $496.1M | $1.14B | 200x | as long as short |
| KuCoin XBTUSDTM | +0.0038% | 8h | 85,532.9 | +0.132% | $890.8M | $757.5M | 125x | as long as short |
Phoenix BTC
Hotstuff BTC-PERP
BloFin BTC-USDT
01 Exchange BTCUSD
dYdX BTC-USD
Perpl BTC
gTrade (Gains Network) BTC/USD
Injective BTC/USDC PERP
Aster BTCUSDT
KuCoin XBTUSDTMShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| RISEx BTC/USDC | +0.0044% | 1h | 85,550.8 | +0.153% | $7.9M | $42.7M | 25x | as long as short |
| BingX BTC-USDC | +0.0054% | 8h | 85,543.2 | +0.144% | — | $15.4M | — | as long as short |
| Reya BTCRUSDPERP | +0.0054% | 1h | 85,412.3 | −0.009% | $6.7M | $146.1M | 40x | as long as short |
| HTX BTC-USDT | +0.0060% | 8h | 85,524.6 | +0.122% | $2.27B | $973.2M | 200x | as long as short |
| Gate BTC_USDT | +0.0068% | 8h | 85,541.3 | +0.142% | $5.60B | $10.43B | 200x | as long as short |
| Bitget BTCUSDT | +0.0068% | 8h | 85,546.7 | +0.148% | $2.94B | $5.17B | 150x | as long as short |
| Nado BTC-PERP | +0.0084% | 1h | 85,425.3 | +0.006% | $22.6M | $230.1M | 50x | as long as short |
| MEXC BTC_USDT | +0.0086% | 8h | 85,561.1 | +0.165% | $5.06B | $5.70B | 500x | as long as short |
| Binance BTCUSDT | +0.0087% | 8h | 85,561.1 | +0.165% | $9.31B | $24.70B | 150x | as long as short |
| Aevo BTC-PERP | +0.0088% | 1h | 85,473.1 | +0.062% | $2.4M | $1.8M | 20x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,553.7 | +0.157% | $169.1M | $983.6M | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,555.7 | +0.159% | $23.1M | $145.7M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,426 | +0.007% | $8.3M | $52.5M | 100x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,419 | −0.001% | $209K | $7.5M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,587.5 | +0.196% | $3.8M | $8.6M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,607 | +0.219% | $3.76B | $4.98B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,581.3 | +0.189% | $40.7M | $569.7M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,568.8 | +0.174% | $5.27B | $9.89B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,555.1 | +0.158% | $2.52B | $12.57B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,535 | +0.135% | $3.9M | $17.9M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,523.5 | +0.121% | $7.3M | $98.5M | 40x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,506.5 | +0.101% | $35.0M | $163.6M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,634.2 | +0.251% | $157.4M | $554.3M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,806 | +0.452% | $278.1M | $938.4M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,740.2 | +0.375% | $215.2M | $164.7M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,842.7 | +0.495% | $140.4M | $321.1M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,689 | +0.315% | $30.3M | $208.0M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,526.4 | +0.125% | — | $11.8M | 50x | as long as short |
| Polymarket Perps BTC-USDlong | +0.0100% | 1h | 85,420 | long leg | $11.0M | $14.3M | 50x | |
| Bullet BTC-USD | +0.0100% | 1h | 85,436 | +0.019% | $192K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,473.1 | +0.062% | $2.4M | $9.1M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,516.1 | +0.113% | $186K | $709K | 40x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,503.2 | +0.097% | $29.9M | $57.4M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,484.6 | +0.076% | $2.9M | $6.6M | 100x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 85,505 | +0.100% | $59.8M | $337.8M | 40x | as long as short |
| Phemex BTCUSDT | +0.0100% | 8h | 85,536 | +0.136% | $153.7M | $481.2M | 150x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,804.9 | +0.451% | $582.3M | $118.5M | 40x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,497.6 | +0.091% | $44.8M | $228.0M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0056% | 1h | 85,591.9 | +0.201% | — | $102.3M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0112% | 1h | 85,571.5 | +0.177% | $130.5M | $5.26B | 50x | as long as short |
| Hibachi BTC/USDT-Pshort | +0.0128% | 1h | 85,679.8 | +0.304% | $707K | $7.9M | 30x | |
| Aftermath Perps BTCUSD | +0.0146% | 1h | 85,731.5 | +0.365% | $78K | $219K | 20x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0146% | 1h | 85,565.3 | +0.170% | $187.6M | $974.0M | 100x | as long as short |
| Deribit BTC-PERPETUAL | +0.0169% | 1h | 85,556.5 | +0.160% | $893.5M | $1.55B | 50x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0204% / S −0.0192% | 1h | 85,442.1 | +0.026% | $13.6M | — | 200x | as long as short |
| Kalshi KXBTCPERP | +0.0206% | 8h | 85,508 | +0.103% | $10.0M | $771.4M | 6.4x | as long as short |
RISEx BTC/USDC
BingX BTC-USDC
Reya BTCRUSDPERP
HTX BTC-USDT
Gate BTC_USDT
Bitget BTCUSDT
Nado BTC-PERP
MEXC BTC_USDT
Binance BTCUSDT
Aevo BTC-PERP
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Hyperliquid BTC
Pacifica BTC
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Backpack BTC_USDC_PERP
Variational Omni BTC
edgeX BTCUSDC
GRVT BTC_USDT_Perp
ApeX Omni BTCUSDT
StandX BTC-USD
Vest BTC-PERP
Bullet BTC-USD
Orderly PERP_BTC_USDC
Bluefin BTC-PERP
Derive BTC-PERP
SunX BTC-USDT
SoDEX BTC-USD
Phemex BTCUSDT
Bulk BTC-USD
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Aftermath Perps BTCUSD
Kraken Futures PF_XBTUSD
Deribit BTC-PERPETUAL
GMX BTC/USD [WBTC.b-USDC]
Kalshi KXBTCPERP